Financing for Development
Achieving global justice, mitigating climate change effects, building peaceful and safe societies, and other global development objectives requires a continuous engagement as well as funding. While leaders of the world agreed on ambitious and universal sustainable development goals in 2015, finding the finances to reach these goals remains a challenge.
Financing for development covers many different public and private, domestic and international financial flows, among which domestic fiscal revenues, public development aid, remittances, foreign direct investment and external debt. On one hand, the domestic resources, such as taxation, are by far the largest source of revenue for financing economic and social development although they are not usually used for social-justice. On the other hand, public sources of financing (including aid, and government borrowing) tend to be more predictable and stable and they also have the potential to be more used for social-justice by targeting the poorest and most vulnerable people.
In this debate, CONCORD actively campaigns to hold EU leaders accountable for their commitments to dedicate 0,7% of their Gross National Income to development assistance and to use this aid in genuine, poverty-focused and effective ways. We also advocate for the mobilization of other financing sources, including through promoting tax justice, combating illicit financial flows including tax dodging by transnational companies, improving the international financial cooperation and the global economic governance, and ensuring that private sector financial contributions focus on sustainability and human rights criteria.
Underpinning all this, CONCORD promotes strong, democratic ownership by the people in developing countries over their own development and financing policies.
CONCORD focuses on an evidence-based policy, including the writing of the annual AidWatch report. We actively engage in dialogues with leaders in EU institutions, member states and international organisations, also as part of broader coalitions of the civil society, to push for necessary policy changes and a more favourable policy environment.
The change we want to see:
- People’s ownership in the Global South on use of finances: We want the EU and Member States to increasingly respect the entitlement of citizens of the Global South to define their and their country’s sustainable development plans and the resources to finance them.
- Tax Justice: We support and amplify initiatives to promote tax justice.
- Quantity and Quality of the Official Development Assistance budget (ODA): We want the ODA to be genuine and innovative, and remain at the core of political debates to hold the EU and Member States accountable.
- Gender Equality: We want the programming and review of the EU financial instruments to lead to a bigger commitment towards gender equality.
- Framing the private sector’s contribution: We want the EU policies and practice to put the private sector’s contributions to development finance increasingly in the right(s) framework.
It is now a month since the second High-Level Meeting in Nairobi concluded. Looking back, was it a success? Certainly as the HLM concluded the civil society delegates were delighted with the outcome. Here is how it happened. Article written by Justin Kilcullen, former Co-Chair of CPDE.read more
European development NGOs urge the EU to agree an action plan that respects their promises on development and aid effectiveness
Today, as the EU adopted its Common Position for the Global Partnership for Effective Development Cooperation High Level Meeting taking place in Nairobi on 30 November – 1 December, Europe’s development NGOs urged EU leaders to set themselves a clear timeline to achieve their commitments, crucial to delivering on the Sustainable Development Goals (SDGs).read more
Seamus Jeffreson, CONCORD Director was invited to speak on October 27th at the International Conference “Development and Democracy” in Bratislava, organised by the Pontis Foundation in the framework of the Slovak Presidency. Find here the speech and background info.read more
The European Union has again failed to meet its commitment to spend 0.7% of Gross National Income on Development Aid by 2015. The CONCORD Aidwatch report 2016 published today, entitled ‘This is not enough’, reveals that only five countries met their 2015 targets.read more